- Bitcoin price at risk of a deeper push south as upside potential is limited.
- Ethereum price develops a bull-trap pattern, warning of some continued weakness.
- XRP price may find some bullish momentum due to a key Ichimoku time-cycle.
Bitcoin price faces a double-bottom pattern on its $1,000/3-box Reversal Point and Figure Chart hinting at a substantial drop ahead of the Thanksgiving weekend. Ethereum price filled a prior gap between the bodies of the weekly candlesticks and the weekly Tenkan-Sen, but downside risks remain. XRP price may begin a new swing higher because of a Kumo Twist.
Bitcoin price faces -16% drop ahead of Thanksgiving holiday and weekend
Bitcoin price has developed a double-bottom on its Point and Figure chart, creating a short opportunity for the bears. The hypothetical short entry is a sell stop order at $55,000, a stop loss at $59,000 and a profit target at $42,000. While the Vertical Profit Target Method in Point and Figure Analysis projects an actual target of $37,000, likely, the neckline (black diagonal line) of the prior inverse head-and-shoulders pattern will act as support.
BTC/USD $1,000/3-box Reversal Point and Figure Chart
Bulls could invalidate the near-term bearish bias by pushing Bitcoin price to a close above the former 100$ Fibonacci expansion level at $63,000. From there, a renewed push to all-time highs would likely commence.
Ethereum price likely to face continued weakness
Ethereum price, like Bitcoin, shows signs of continued weakness ahead. A bear trap pattern is in development on Ethereum’s $25/3-box Reversal Point and Figure chart. This pattern can create substantial selling pressure as late-term buyers inevitably turn into sellers as prices accelerate their movement south.
ETH/USD $25/3-box Reversal Point and Figure Chart
The theoretical short entry is a sell stop order at $4,050, a stop loss at $4,150 and a profit target at $3,300. However, the weekly Tenkan-Sen (not shown) is at $3,800 and could limit any further downside pressure for Ethereum. Therefore, any daily close above $4,400 would invalidate the short trade idea.
XRP price could lead altcoins to outperform Bitcoin and Ethereum
XRP price has undoubtedly had a bearish past two weeks. From the November 10th swing high, XRP is down over 24%. However, the Kumo Twist coming up on November 24th could end that downtrend and move higher. Kumo Twists, when Senkou Span A crosses above or below Senkou Span B, are often periods where significant major and minor swing highs and lows are found.
XRP/USDT Daily Ichimoku Chart
XRP price would need to close at or above the $1.19 value are to return to a bullish market. From there, XRP is poised to begin its run above the $2.00 value area. However, if XRP remains below the Cloud ($1.05) throughout the week, a steep drop towards $0.84 is next.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin, Ethereum prices struggle after mixed US NFP data

BTC and ETH prices experienced a temporary pullback as crypto market participants reacted to the news of the US NFP data release for May. Similar to the situation in April, the number of Nonfarm Payrolls added far exceeded the market’s expectations.
Solana: A break above $26.30 would spell doom for bears

SOL price has been trading with a bullish bias after an explosive breakout on December 30. However, because of volatility and the gloom in the broader crypto market, SOL has been unable to break above a key hurdle at $26.30, causing the price to trade sideways.
Bitcoin Weekly Forecast: BTC targets $30,000 as short-term bias turns bullish

Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.
China crypto community picks Ethereum, Arbitrum and BNB Chain as top protocols

Ethereum, Arbitrum and BNB Chain protocols are top picks for the Chinese crypto community, data from a report shows, a possible bullish catalyst for tokens related to these protocols as Hong Kong opens the door of crypto to retail investors.
Bitcoin: BTC targets $30,000 as short-term bias turns bullish

Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.